We construct a simple general equilibrium model to demonstrate how eliminating cash can
lead to a misallocation of resources in a naturally segmented economy with observed …

Money and payments are familiar to everybody. Economists however are often at a loss in
assessing the extent to which money matters. As a matter of fact, money is at the origin of the …

Legalization of the proceeds of crime represents a worldwide problem with serious
economic and social consequences. Information technologies in conjunction with advanced …

I use a simplified version of Trejos and Wright's (1995) random matching environment to
make a point about when fiat money is essential–that is, when the set of equilibrium …

We consider a dynamic monetary economy where agents gradually learn about the holding
cost of a new asset and coordinate to adopt it as money or abandon it. We provide closed …

This paper studies different welfare-enhancing roles that fiat money can have. To do so, we
consider an indivisible monetary framework where agents are randomly and bilaterally …

For money to be essential, environments have been considered in which there is imperfect
monitoring of past actions and in which it is difficult to coordinate among economic agents …

Fiat money, an intrinsically useless object, is said to be essential if some good allocations
are achieved with it but not without it. In this paper, it is shown that imperfect monitoring is …

This dissertation consists of four chapters. The first chapter examines the turnover of
multiperiod partnerships. The turnover of multiperiod partnerships such as marriages, labor …